Moving With Kids
August 24, 2023
Moving into a new home can be hectic for buyers and sellers. Changing residences with children in tow adds complexity to the process, according to the National Association of Realtors (NAR). Source: http://bit.ly/NAR-kids
Home buyers with and without children living at home typically prioritize neighborhood characteristics differently. For example, 53% of buyers with children considered school district quality, and 50% selected a neighborhood based on convenience to schools. In contrast, only 10% of home buyers without children chose neighborhoods based on school district quality, and 6% said “convenience to schools” factored into their decision.
“Parents inherently make sacrifices for their children and family, and that is no different when shopping for a home,” said Lawrence Yun, NAR’s chief economist. “Of course, affordability is a part of the decision, but we have seen buyers with kids willing to spend a little more in order to land a home in a better school zone or district.”
Over half of all buyers said finding the right property was their greatest challenge. Buyers with and without children utilized an agent to a similar degree, 86-87%. However, agent interaction preferences differed. For example, buyers with children preferred text messages, while those without children preferred telephone calls.
Buyers with children purchased larger homes. On average, 2,110 sq ft with four bedrooms and two full bathrooms versus 1,800 sq ft with three bedrooms and two full bathrooms for buyers without children.
Childcare expenses resulted in delays in the home-buying process for 26% of buyers. Buyers who purchased despite childcare costs ultimately compromised on factors such as: condition 31%, size 31%, and price 24%.
Buyers with children reported an increased sense of urgency. 46% of those with children said they had to sell somewhat urgently, while just under half of those without children said they could wait for the right offer.
“When buying or selling a home, exercising patience is beneficial, but in some cases – such as facing an upcoming school year or the outgrowing of a home – sellers find themselves rushed and forced to accept a less than ideal offer,” said Yun.